Neverland Ranch, Michael Jackson's fantasy abode in California, is about to hit the for-sale market, according to several news reports.
Colony Capital LLC, the private equity firm that took control of the ranch after Jackson abandoned it in 2005, said that it was preparing the estate for sale.
"We've really just been custodians of an irreplaceable estate and are proud to say we've restored it to the original elegance Michael first envisioned. We are now considering putting it up for sale," Thomas Barrack Jr. of Colony Capital told Bloomberg in an emailed statement.
The Neverland Valley Ranch was home to Jackson for quite a while before its closure. He added an amusement park complete with rides, candy shops and lived there with Bubbles, the chimpanzee.
However, after he was acquitted of child molestation in 2005, he moved to another estate in Los Angeles. In late 2007, after the moonwalker's finances started dwindling, he struck a deal with Colony Capital, where the investment firm took over the $23 million mortgage MJ had taken to buy the estate.
Jackson still owned a little stake in the Neverland Ranch at the time of his death in 2009. Colony Capital has been maintaining the property since Jackson turned it over. Since then, several prospects to utilize the fantasy estate were proposed. Jackson himself wanted to turn the estate into a school for performing arts, according to Forbes.
Last year, Lady Gaga - the "Poker Face" crooner - expressed her interest to renovate and reinstate MJ's ranch. She wanted to help with the financial costs by buying a share of the ranch. While that clearly didn't work out, the receivers of the Neverland ranch have now decided to flip.
Jackson's estate reportedly tried to reach an agreement with Colony Capital to retain the Neverland ranch, but in vain.
"The Estate explored numerous options, including a purchase. But financial, land use and zoning restrictions have made all of the proposed options prohibitive given our duty as Executors to be fiscally responsible in protecting and growing the assets of the Estate for Michael's children," Forbes quoted a Colony representative.
The Jackson family is saddened by the prospect of a sale.
"We are saddened at the prospect of the sale of Neverland Ranch, which under the agreement negotiated during Michael's lifetime, Colony has the right to sell," the Jackson family was quoted in a statement by The Express.
"We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property," they added. "Michael's memory lives on in the hearts of his fans worldwide."
According to The Telegraph, the huge 3000 plus acre ranch could fetch up to $50 million, but considering its worth, history and the values of luxury property in California right now, the number could be way more than that.
Michael Jackson's estate is taking care of the Encino estate he occupied. It recently purchased the Calabasas, Calif., home MJ's mother Katharine Jackson lived in with his three children - Prince, Paris and Blanket. Check that property out here.
